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Gold miner Kinross to buy Red Back for $7bn
Gold miner Kinross Gold Corp said it will buy the 91 percent of Red Back Mining Inc that it does not already own for around $7bn to create one of the world’s largest gold miners. The company said it will pay around $30.50 Canadian a share in stock and warrants for each Red Back share, a 17 percent premium to Red Back’s current share price of C$26.02. Kinross already owns about 9.3 percent of the smaller company. “We see this as an opportunity to acquire an absolutely world class asset at a fair price – it effectively turbo-charges our growth profile,” Kinross Chief Executive Tye Burt told reporters. Red Back owns mines in Mauritania... -
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Profits beat view after bad debts tumble
The two banks showed a dip in investment banking income in the latest quarter, but more than made up for that with lower losses on personal and corporate loans as broad economic conditions improved. Half-year profits for HSBC, Europe’s biggest bank, hit $11.1bn, more than double the $5bn of a year ago and above the average forecast of $9.1bn from a poll. Its loan impairment charges and other credit risk provisions fell to $7.5bn for the half-year, down $6.4bn from the year ago level. It was the lowest level since the start of the financial crisis, and below forecasts of near $10bn. “HSBC and BNP have seen provisions cut in half year-on-ye... -
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Customers intrigued by new British bank Metro
A steady stream of customers were greeted with an array of gimmicks. Not only does the bank welcome dogs, it provided them with free biscuits and offered their owners free breakfast. “We’re in the business of turning customers into fans,” American billionaire and Metro Bank co-founder Vernon Hill told reporters. Metro Bank aims to have more than 200 branches across greater London over the next decade. It also hopes to end up with a business evenly split between retail and commercial banking, offering a range of services including a Metro Bank-branded credit card. Its business plan is largely inspired by a retail-focused model used by Hi... -
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Guinea must review mining deals – Diallo
Guinea must review billions of dollars worth of mining deals signed since a coup in 2008 to make sure the West African state is getting its fair share of revenue, election front-runner Cellou Dallein Diallo said. Contracts signed by multinationals such as Rio Tinto, Vale, and Chalco should be reviewed fairly, in a way that encourages foreign investment vital for the country’s development, he said. “We will do things in a calm manner. And if we find Guinea has been taken advantage of we will open talks with our partners,” UFDG party head Diallo told reporters. “We must protect (investors) because we need them to create employment, to c... -
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Russia grain export forecasts cut as drought rages
A key lobby group has became the latest body to downgrade Russia’s 2010 crop prospects as the worst drought in 130 years threatened harvests in the major wheat exporter, sending key wheat prices to 22-month highs. The recent jump in US wheat prices followed a 42 percent leap in wheat futures on the Chicago Board of Trade, the biggest monthly advance since 1959, as damage from drought and flooding threatened crops from the Black Sea grain breadbasket. Benchmark November milling wheat on Euronext surged to a fresh contract high in opening trade. While markets have focused intently on Russia, concerns have also started to creep on in the fate ... -
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Investor pressure to oust Pru execs waning
The pressure on Prudential chief Tidjane Thiam to quit in the wake of the insurer’s failed bid for Asian rival AIA has eased, with big investors refusing to put their weight behind an attempt to remove him. Both Thiam and Pru chairman Harvey McGrath faced calls to step down after the insurer’s $35.5bn bid for AIG’s Asian arm hit the rocks in early June, leaving the company to pay out £450m in fees. Some smaller shareholders have campaigned for Thiam or McGrath to go, but the firm’s biggest investors have not so far taken the bait. One of the insurer’s top investors told reporters: “I do not think there is any catalyst for (the de... -
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IMF gives ground on yuan exchange rate debate
The International Monetary Fund has chosen not to call the yuan “substantially” undervalued, a move that recognises China’s efforts to free up its exchange rate and avoids friction with an increasingly influential shareholder. The summary of an annual review of China’s policies omitted the contentious word, used by IMF Managing Director Dominique Strauss-Kahn as recently as June, which has long riled Beijing. Several members of the IMF’s 24-member executive board believed the Chinese currency was too cheap, the fund said. But others said a structural reduction in the balance of payments surplus was already unfolding thanks to past s... -
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BP replaces CEO; posts $17bn Q2 loss on spill
BP Plc has named American Bob Dudley as its next CEO, saying Tony Hayward would stand down after his gaffe-prone handling of the worst oil spill in US history that triggered a $17bn quarterly loss. Dudley, the US executive managing BP’s response to the spill in the Gulf of Mexico, will get the top job on October 1, a move that could soften US criticism of the British oil major. “I believe that it is not possible for the company to move on in the US with me remaining as the face to BP,” Hayward told reporters on a conference call. “So I think that for the good of BP, and particularly for the good of BP in the United States, it is right... -
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Ex-trader accused of fraud seeks to clear name on TV
Ross Mandell, former head of Sky Capital Holdings, was indicted in July 2009 on charges he and five others defrauded investors in a scheme US prosecutors claim pressured people to buy stock from what they called a “trans-Atlantic boiler room” with operations in London and New York. Released on $5m bail, the 53-year-old Mandell faces up to 25 years in prison, if found guilty. Mandell has yet to secure a television deal for his show, but insists he has “serious interest” from TV networks. Eager to prove he’s got a hot story and a cast of intriguing characters, including his wife and his mixed martial arts buddies, Mandell has already ... -
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Europe bank test transparency gets cautious thumbs-up
Spain’s smaller regional lenders, or cajas, will start a roadshow aimed at reassuring investors after the test results showed five of their peers among the seven banks that failed, and several more close to failing. Problems among the cajas have long been flagged, however, and are being remedied. The euro was little changed in the absence of any real shocks in the test of whether 91 banks in 20 countries could withstand another recession in the next two years. Critics said the test was too soft – shown by the banks that failed needing just 3.5bn euros ($4.5bn). However, “most people are going to be absolutely fine,” said Ian Henderson...
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